Bitcoin/BTC Daily Price Review (10 Mar 18)

This is not Financial advice: Do not trade or invest based on this analysis.

Price

Following on from yesterday's review (here), the BTC price has experienced a small rally out of the support zone (between $8,000 and $9,000) on the back of decent trading volume.

For this small rally to be sustainable, the price needs to trade above about $10,000 and we might then see another run on the overhead resistance zone (at $12,000):

The alternative scenario is a continuation of this recent downtrend (the price is still making lower highs and lower lows) down to the bottom of the support zone.

Volume

The return of trading volume was expected and welcomed and lends credibility to the support zone on the price chart:

I would like to see some sustained trading volume and price volatility to fuel a break out of the current trading zone ($9,000-$12,000).

The on-balance-volume indicator showed the spike down similar to previous price support levels and reinforces the current price support zone:

Bias

My mid-to-long term bias remains bullish. Due to the supportive trading volume in the support zone, I currently expect this price zone to hold, however, the price is currently trading at some interim overhead resistance, so is vulnerable to a continuation of the recent downtrend if the price can't break through the $9,500-$10,000 resistance zone.

Until tomorrow,

Bobby.